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Bank Guarantee (BG-i)

A Shipping Guarantee is an indemnity given by consignee to which BMMB jointly indemnifies the shipping company so that the consignee named can take delivery of the goods prior to receipt of the relevant original bill of lading under the concept of Kafalah of Dhamanah.

Benefits

Importer can take delivery of goods immediately
Importer will not have to incur excessive storage charges
Enables the importer to sell the goods without delay
Features
  • SG-i is a facility granted by the Bank to importers for clearance of goods at the port without producing original Bill of Lading.
  • It should only be issued for documents drawn under the Bank’s LC only or clients with approved SG-i facilities for collections documents.
  • It is a Letter of Indemnity to the company signed by the clients and countersigned by the bank authorizing the release of goods to the importer
Document Required

The documents required for issuing SG-i are:

  • Letter of Indemnity For Non Surrender of Bill of Lading
  • Customer’s Letter of Indemnity (SG)
  • DC Murabahah Contract Note (if applicable in case of financing)
  • Letter of Hypothecation (if applicable in case of financing)
  • Bill of Exchange / AB-i Draft (if applicable in case of financing)
  • Letter of Authorisation to debit account (if applicable in case of non-financing)
  • Copy of Commercial Invoice and a copy of carbonised Non-Negotiable Bill of Lading
  • Other shipping documents (if applicable)

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Accepted Bills-i (AB-i) – Import/Purchase
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Foreign/Domestic Bill of Exchange Purchase-i (FBEP-i/DBEP-i) – Authority to Purchase
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2024-02-23 08:37:52